US stainless steel processor buying prices for 304 solids and 316 turnings declined, while remaining unchanged for 304 turnings and 316 solids on Monday.
The daily Davis Index for 304 scrap solids dropped by a penny to 52¢/lb delivered processor yard, and 316 solids was flat at 71¢/lb for single truckloads.
Scrap 304 turnings held at 46¢/lb, but 316 turnings decreased by 1¢/lb to 62¢/lb.
LME nickel prices declined by $65/mt from Friday with the official three-month LME nickel contract settling at $12,465/mt on Monday. The official cash contract closed Monday at $12,450/mt, down by $150/mt from Friday.
With LME nickel prices decreasing, US processor buying prices are have also trended downward, albeit slightly.